--- title: "Tidewater | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 326.22 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285117059.md" datetime: "2026-05-04T20:27:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285117059.md) - [en](https://longbridge.com/en/news/285117059.md) - [zh-HK](https://longbridge.com/zh-HK/news/285117059.md) --- # Tidewater | 10-Q: FY2026 Q1 Revenue Beats Estimate at USD 326.22 M Revenue: As of FY2026 Q1, the actual value is USD 326.22 M, beating the estimate of USD 324.4 M. EPS: As of FY2026 Q1, the actual value is USD 0.12, missing the estimate of USD 0.72. EBIT: As of FY2026 Q1, the actual value is USD 73.69 M. #### Consolidated Results (Three Months Ended March 31, 2026 vs. December 31, 2025) - **Total Revenue**: $326,222 thousand for Q1 2026, a -3% decrease from $336,798 thousand in Q4 2025. - **Total Costs and Expenses**: $267,238 thousand for Q1 2026, a 2% decrease from $272,822 thousand in Q4 2025. - **Operating Income**: $58,984 thousand for Q1 2026, a -8% decrease from $63,976 thousand in Q4 2025. - **Net Income attributable to Tidewater Inc.**: $6,140 thousand for Q1 2026, a -97% decrease from $219,884 thousand in Q4 2025. - **Utilization**: 77.7% for Q1 2026, a -0.9% change from 78.6% in Q4 2025. - **Active Utilization**: 80.6% for Q1 2026, a -1.1% change from 81.7% in Q4 2025. - **Average Vessel Day Rates**: $22,283 for Q1 2026, a 1.1% increase from $22,044 in Q4 2025. - **Vessel Operating Cost per Active Day**: $9,180 for Q1 2026, a 0.9% increase from $9,260 in Q4 2025. - **Average Total Vessels**: 207 for Q1 2026, a decrease of 2 vessels from 209 in Q4 2025. - **Average Stacked Vessels**: -7 for Q1 2026, a decrease of 1 vessel from -8 in Q4 2025. - **Average Active Vessels**: 200 for Q1 2026, a decrease of 1 vessel from 201 in Q4 2025. #### Cash Flow (Three Months Ended March 31, 2026 vs. March 31, 2025) - **Net Cash Provided by Operating Activities**: $19,179 thousand for Q1 2026, compared to $80,411 thousand for Q1 2025. - **Net Cash Used in Investing Activities**: -$11,556 thousand for Q1 2026, compared to -$5,850 thousand for Q1 2025. - **Net Cash Used in Financing Activities**: -$32,290 thousand for Q1 2026, compared to -$59,240 thousand for Q1 2025. - **Cash, Cash Equivalents and Restricted Cash at End of Period**: $555,088 thousand as of March 31, 2026, compared to $349,914 thousand as of March 31, 2025. #### Segmented Operating Results (Three Months Ended March 31, 2026 vs. December 31, 2025) - **Americas Segment**: - **Total Revenue**: $58,526 thousand for Q1 2026, a -16% decrease from $69,706 thousand in Q4 2025. - **Vessel Operating Profit**: $9,567 thousand for Q1 2026, a -38% decrease from $15,484 thousand in Q4 2025. - **Utilization**: 66.1% for Q1 2026, a -4.3% change from 70.4% in Q4 2025. - **Average Vessel Day Rates**: $29,501 for Q1 2026, a -2.8% decrease from $30,362 in Q4 2025. - **Asia Pacific Segment**: - **Total Revenue**: $46,564 thousand for Q1 2026, an 11% increase from $42,037 thousand in Q4 2025. - **Vessel Operating Profit**: $15,470 thousand for Q1 2026, a 25% increase from $12,419 thousand in Q4 2025. - **Utilization**: 78.2% for Q1 2026, a 1.4% change from 76.8% in Q4 2025. - **Average Vessel Day Rates**: $37,470 for Q1 2026, a 7.0% increase from $35,025 in Q4 2025. - **Middle East Segment**: - **Total Revenue**: $45,569 thousand for Q1 2026, a -3% decrease from $47,021 thousand in Q4 2025. - **Vessel Operating Profit**: $6,628 thousand for Q1 2026, a 3% increase from $6,465 thousand in Q4 2025. - **Utilization**: 78.7% for Q1 2026, a -1.1% change from 79.8% in Q4 2025. - **Average Vessel Day Rates**: $14,295 for Q1 2026, a -0.6% decrease from $14,381 in Q4 2025. - **Operational Costs Impact**: Crew costs increased by $1.3 million due to war risk bonuses and crew travel costs, and vessel insurance increased by $0.3 million, both related to the Iran conflict. - **Europe/Mediterranean Segment**: - **Total Revenue**: $86,945 thousand for Q1 2026, a 6% increase from $82,402 thousand in Q4 2025. - **Vessel Operating Profit**: $8,045 thousand for Q1 2026, a -17% decrease from $9,737 thousand in Q4 2025. - **Utilization**: 80.0% for Q1 2026, a -7.2% change from 87.2% in Q4 2025. - **Average Vessel Day Rates**: $21,954 for Q1 2026, an 8.8% increase from $20,173 in Q4 2025. - **Fuel Costs**: Increased significantly due to greater idle and drydock days and higher fuel prices from the Iran conflict. - **West Africa Segment**: - **Total Revenue**: $85,814 thousand for Q1 2026, a -6% decrease from $91,717 thousand in Q4 2025. - **Vessel Operating Profit**: $37,230 thousand for Q1 2026, a 5% increase from $35,625 thousand in Q4 2025. - **Utilization**: 81.5% for Q1 2026, a 5.8% change from 75.7% in Q4 2025. - **Average Vessel Day Rates**: $20,732 for Q1 2026, a -3.9% decrease from $21,583 in Q4 2025. #### Strategic Outlook and Key Developments Tidewater Inc. agreed to acquire Wilson Sons Ultratug Participações S.A and Atlantic Offshore Services S.A. for $500.0 million cash, subject to adjustments, with the acquisition expected to close in late Q2 2026. The company maintains a positive outlook for a sustained upcycle in the offshore energy industry, believing offshore developments will play an important role despite near-term uncertainty from the Iran conflict. 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